topupcomingcryptogames| This year's first 20-year special treasury bond will have a winning bid rate of 2.49%, and will be listed for trading next Wednesday

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This year, trillion yuan of extra-long special treasury bonds will be issued for the second time. The Ministry of Finance issued 40 billion yuan of 20-year ultra-long-term special treasury bonds on Friday, with a winning yield of 2.Topupcomingcryptogames.49%, multiples of 3.Topupcomingcryptogames. 63 .

The winning yield of this 20-year treasury bond is basically in line with expectations. At present, the yield on government bonds with a remaining maturity of about 20 years is basically fluctuating around 2.5%. For example, the latest yield of the 30-year bond "13 interest-bearing treasury bonds 19" issued in 2013 (with a remaining maturity of about 19 years) was 2.47%, and that of the 30-year bond "15 interest-bearing treasury bonds 17" issued in 2015 (with a remaining maturity of about 21 years) was 2.53%.

According to the notice of the Ministry of Finance, the tender for the 20-year treasury bonds will end on May 27 for distribution, mainly for institutional sale, and will be listed for trading on May 29.

On Friday, the Ministry of Finance invited tenders to issue a 30-year treasury bond worth 40 billion yuan, marking the opening of the sluice gate of 1 trillion yuan of ultra-long-term special treasury bonds this year. The bond won the bid interest rate of 2.57%. Although the yield is slightly lower than that of the secondary market with the same maturity, it is still sought after by retail investors because of its advantages such as national credit and exemption from interest and income tax.

On May 20, China Merchants Bank and Zhejiang Merchants Bank took the lead in opening the first batch of 30-year ultra-long-term special treasury bonds to individual customers, and the total sales quota of 530 million yuan was quickly sold out on the same day.

On May 22nd, the 30-year bond was listed on both banks and exchanges. In the interbank market, which is dominated by banks and insurance companies, the performance of "24 special treasury bonds 01" was stable, and the yield closed flat at 2.57% on the day. However, in the exchange bond market, due to the strong pursuit of individual investors, bond prices rose too fast, triggering a temporary suspension twice, closing at 101.32 yuan, up 1.3%, corresponding to a maturity yield of 2.51%, which was 6 basis points lower than the inter-bank offer. The bond yield is inversely proportional to the price, and the lower the yield, the higher the price.

Tian Lemeng, an analyst at Huaxi Securities, wrote in a comment on the bond market on May 22 that for a long time, exchanges are not the mainstream bond trading market, and institutional investors with professional knowledge reserves often buy and sell bonds in the interbank market. Exchange pricing is often based on inter-bank trading results. However, recently, banks have frequently cut deposit interest rates, which makes non-institutional investors begin to pay special attention to the investment value of high-quality deposit alternatives such as treasury bonds. At the same time, due to the lack of bond pricing experience, individual investors may follow the pricing principles of stock assets, ignoring that treasury bonds are not highly volatile game assets, and the maturity yield of bonds mainly reflects investors' expectations of future interest rates, which may also be the reason for frequent systematic deviations from valuation in exchange quotations.

As of around 14:00 on Friday, "24 special treasury bonds 01" was quoted at 100.41 on the exchange, down about 0.9% from the first day's closing price, corresponding to a maturity yield of 2.55%, gradually moving closer to a reasonable level.

According to the arrangement of the Ministry of Finance, the 1 trillion yuan of ultra-long-term special treasury bonds planned to be issued this year will be divided into three categories: 20 years, 30 years, and 50 years. The issuance time will last from mid-May to mid-November, with a total of 22 issues. The issuance time is mainly concentrated in the third quarter. The 50-year bond will debut on June 14.